Balance Transfer

danco

I have just paid off the large sum that was on my balance transfer card and closed the card. I am wondering how long it will take for the credit reference agencies to recognise this.

I want to take out a new balance transfer card and presumably having this card still showing will affect what offers I get for a new card. But maybe this is not so relevant if the new card is from the same provider as the old one.

Ayr_Rage

The CRAs will update when advised by the card provider, which is normally monthly but you'll never know the exact date unless you are an insider.

If you subscribe to CRA updates you'll see it on the date they normally send you a notification, so in reality, probably 4-7 weeks.

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/81855901#Comment_81855901

Just to note re the comment above "if you subscribe to CRA updates" - just so as to be clear, you don't need to actually have a paid 'subscription' for such updates (and I'd definitely suggest you don't - it's unnecessary, and the CRAs have got more then enough income already!) - you can be a free 'subscriber'.

The various free services offered by the three CRAs (or agents thereof) will let you have visibility of this. As @Ayr_Rage says, 4-7 weeks is the broad timeframe - and there's no magic way of speeding this up.

danco

Even though the agencies still record a large amount owing on my now paid off and closed balance transfer card, I was able to get a new balance transfer card with a good limit from the same organisation as before. I had hoped that would happen, but was not sure. It probably helped that the card was with my main bank, who I have been with for many years.